Re-Mortgaging with same lender, any benefits?

mose_2

My fixed rate has run out and now need to re-new but need to borrow an extra £150k. I have a £45k mortgage at the moment with the woolwich but will need up to £150000. (the flat is worth £130-£145k. new house is £240000). Do you get any benefits staying with the same lender? The woolwich have got another 2 year fix at 5.89% with a £1000 set up fee.

herbiesjp

You are not re-mortgaging if you stay with the same lender - you are simply borrowing more money from them, subject to meeting the new criteria of the new amount.

No benefits really, apart from avoiding the exit fee - which you may recoup if you finding a better overall deal over the timescale you are looking at i.e. over a 5 year fixed rate

It may also be a bit less hassle to stay put, but if the savings are better elsewhere then I'd look to move.